Explain the various ways by which the consumers are exploited by the producers or wholesalers?
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Answer
A consumer is any person who consumes and receives satisfaction by paying the value for purchasing any commodity. The consumer can be a consumer of goods or a consumer of services. The situation in which the buyers do not receive the benefits and services according to the buyer's value or the situation in which the sellers receives or charges the value of commodities higher than its value is known as consumer exploitation. Consumer exploitation can be made in many different ways in such major ways are being discussed:
Adulteration: Adulteration means mixing or substituting undesirable materials in food. This causes heavy loss to the customers; they suffer from monetary loss as well as spoil their health.
False claim: Sellers make false claim about the durability and quality of their product through advertisements.
Under measurement: Sellers generally give under measured goods and charge for the actual quantity.
Hoarding and black marketing: Trader generally holds the stock of essential commodities to create artificial scarcity in the market so that they can sell their commodities at higher price.
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